Saturday, March 14, 2015

Four Common Myths about Fast Cash Loans Busted

Four Common Myths about Fast Cash Loans Busted

It's time to know the facts about Fast Cash Loans

If you have heard some scary stories about payday loans and fast cash loans, it’s time to hear the truth. The big banks don’t want you to have access to these convenient and quick loans. Unlike traditional bank loans, you can get fast cash loans based on your paycheck only. You don’t need to have a good credit score. You don’t have to wait days for approval. You don’t have to put up collateral or worry about having someone to cosign with you. If you get a paycheck regularly, you can get small, cash loans to help you get through the tough times. You’ve heard the bad news about payday loans, now here's the truth. Here are the top myths about fast cash loans, busted.

Myth #1: Fast Cash Loans are Not Regulated

This is absolutely untrue. Some people spread this rumor, but there is no way that our government would allow lenders to operate without regulation and oversight. The only way you will get an unregulated loan is if you work with an illegal loan shark. All lending is regulated. Regulations for fast cash loans include a minimum and maximum amount that can be borrowed, caps on interest rates, time constraints on loans, and other factors that impact the consumer. Furthermore, under the Truth in Lending Act, lenders are required to give you all information on rates and fees before you sign the loan document. If you ever work with a lender that does not comply with regulations, you should report them.

Myth #2: Fast Cash Loans are Exorbitantly Expensive

It’s true that the interest rate associated with a short-term loan is higher than that for a larger bank loan, but not by as much as critics would have you believe. The higher fees are because of the quick nature of these loans. You get cash in as little as an hour and that means that you have to pay a little more for that convenience. APRs are high for these loans and this can seem intimidating if you don’t know what it means. An APR is irrelevant to fast cash loans if you pay them back when you are supposed to. A high APR translates into a reasonable fee for a one-time payday loan.

Myth #3: Fast Cash Loans Mean Getting into a Debt Cycle

Payday loan critics always use this fallacy to convince people that fast cash loans are more trouble than they are worth. The truth is that a payday loan by definition is expected to be paid back with the next paycheck. When you get a short-term loan, you agree to these terms and you are expected to pay the loan back in full when you get your next paycheck. This is how short-term loans are designed. You get just a small amount of cash so that you will be able to pay it back in full and quickly. Most people use fast cash loans responsibly and as they were intended.

Myth #4: Fast Cash Loan Lenders are Predatory Lenders

Critics say that lenders offering fast cash loans are predators, and that they prey on the vulnerable and working poor. This couldn’t be further from the truth. What payday lenders do is fill a needed role. Many people who work hard for a living have no chance of getting loans from banks. And often, they don’t need a big loan. They just need a little bit of extra cash to make it through to the next payday. The little bit of extra money helps them pay bills, avoid late fees, avoid overdrafts, take care of unexpected emergencies, and basically just make it. Lenders providing fast cash loans help millions of people make ends meet and most of those people are smart enough to use their loans responsibly.

Fast cash loans provide the solution for many people from all walks of life. Don’t listen to the critics when they bad mouth this type of financing. Learn more about payday and short-term lending and make up your mind for yourself. The truth is that any kind of lending comes with fees and with risks, but if you know how to borrow and pay back money responsibly, you can take advantage of fast cash loans and make them work for you. To get your fast cash loan, simply complete the application with just the most basic information about yourself and your job. You'll receive an answer to your application in just seconds, and then you and the lender can complete the entire loan process online. Try it for yourself and see how simple and helpful fast cash loans can be.